The potentials of Algorand Blockchain technology continue to be tapped by various innovative companies, government bodies, and various decentralized financial organizations. VeriTX, a trusted digital marketplace for buying and selling of digital and physical assets with the integrity of maintaining trusted maintenance and lease records announced that it will be utilizing Algorand’s technology to build a digital supply chain for aircrafts parts.
The VeriTX digital marketplace helps customers such as the United States Department of Defense and commercial airlines to save substantial time and money in the manufacture of aircraft parts and to obtain useful economic and logistical data that can be used to optimize production. As the US Army, Navy and Air Force all step towards a digital supply chain, the combined market size for digital aircraft parts is projected to hit $3.1B by 2025. The Air Force Maintenance Commander predicted that VeriTX would achieve 30 per cent cost savings, 90 per cent waste reduction and 25 per cent improvement in aircraft efficiency (uptime).
VeriTX marketplace, a decentralized platform that directly links purchasers and suppliers of aircraft parts that can be 3D printed on-demand at the point of use, is building on Algorand’s open, pure proof-of-stake blockchain. This allows the extra advantages of monitoring parts from order – to – delivery on an impenetrable and unchangeable public ledger and checking the source (origin and credibility) of the parts, thereby alleviating the $3 billion issue of counterfeit parts.
Col James Allen Regenor, the CEO of VeriTX expressed his delight in the partnership and further went on to the reasons why Algorand was the technology that chose to carry out this innovative and mind-blowing project despite numerous technological provider options that were available.
“We chose Algorand as the blockchain infrastructure to power our platform, after looking at several technology providers and rigorous due diligence,” said Col James Allen Regenor, USAF (ret). “Algorand was the ideal solution to onboard our ecosystem partners to the network, because of its flexible architecture, low transaction fees and transactional throughput scalability.”
The manufacturing industry for aircraft and their parts before this exciting announcement has always relied on conventional business systems structured for as back as the 1980s. Airline parts were ordered after checking through catalogues before fax were been sent or phone calls were made for an order to be made. The digitalization and decentralization of the manufacturing process of aircraft parts will be done by VeriTX in the following bullet points below.
- Digitally, sellers will design parts. This involves the concept, prototype and final design of parts ranging from conventional forged metal engine parts to polymer fabricated interior parts used in aircraft cabins.
- Suppliers will also upload item parts to the VeriTX website. All required details, such as pricing, requirements and origin, are included.
- Buyers will buy digital pieces. The platform allows digital assets to be traded, which will ultimately become tangible in the final phase.
- Push to the point of use, and then print to 3D. For those that do not have 3D printing equipment, VertiTX has system partners who can print the parts and make them ready for pick-up or delivery.
Real-world Use Cases
The influence of the VeriTX digital supply chain has been demonstrated in real-world use case scenarios such as:
- The tradition of order to delivery which normally takes about 265 days was impressively shortened to just 6 hours by VeriTX in the case of the F15- Eagle Fighter metal aircraft parts.
- Parts of the polymer aircraft: Time from order to delivery was reduced from 133 days to 1 hour. Since the whole procedure was fully digital, it was immediately sent to the 3D printer that was waiting for the part to be ordered. It took about forty minutes to make (print) the part. It was made at the maintenance facility of the airline, so it was shipped as soon as it had been finished.
- Commercial airline: During a flight from Auckland to Los Angeles, a cabin component failed which would put a business first class seat out of service. Using VeriTX, the airline was able to order a digital replacement and produce this part in one hour. When the aircraft landed in LA, the component was assembled and the cabin was back in service. Saved $30,000 in possible lost revenue from the expense of the seat and the expense of flights to get the needed part to make the repairs.
Algorand’s Chief Operating Officer, W. Sean Ford expressed that this innovative project was a testament to one’s of Algorand’s core value as it aims to remove all sorts of friction from the manufacturing to the delivery of airline parts in the industry.
“What VeriTX is doing—removing friction from transactions—is Algorand’s primary mission. VeriTX is applying the technology in a very tangible way that showcases the power of blockchain to reinvent established industries like manufacturing in a decentralized manner,” said W. Sean Ford, “Taking out the middleman, VeriTX is connecting buyers and sellers directly to maximize efficiency and actively reshape the future of manufacturing.”
Gradually, the world’s largest industries are embracing the use of Blockchain and its technology to carry out amazing projects that can improve the way the world operates. VeriTX utilizing Algorand’s frictionless technology to enhance a frictionless aerospace manufacturing activity is hopefully one of many to come.
